MyEtherWallet Moves to Integrate with Binance Smart Chain

Today My Ether Wallet (MEW), a leading software wallet application on Ethereum, implemented a bridge to the Binance Smart Chain (BSC) network. MEW partnered with BSC through a grant from The Most Valuable Builder (MVB) Accelerator Program to begin development. The intention behind the new Binance Bridge is to provide MEW’s users with access to the wider DeFi ecosystem beyond what Ethereum can provide. 

Kosala Hemachandra, the founder and CEO of MEW, said “More ways to interact with your digital assets is how the Ethereum ecosystem grows.” 

Recently, high transaction fees and severe network congestion have hampered the Ethereum network. BSC is basically a copy of Ethereum with a few major tweaks. The largest of these tweaks is a change from Ethereum’s Proof of Work (PoW) consensus mechanism to Proof of Staked Authority (PoSA). PoSA allows for significantly higher transaction throughput and thus dramatically reduces fees and congestion.

Ethereum’s PoW mechanism is run by 10s of thousands of validators processing every transaction while BSC only has 21. This is fantastic for transaction throughput, but it sacrifices decentralization of the network.

Why it matters: The bridge allows users to move Ethereum funds held in MEW over to Binance Smart Chain and vice versa and access thousands of decentralized applications (DApps) built on both Ethereum and Binance Smart Chain. 

Thousands of new decentralized finance (DeFi) applications have sprung up on BSC to attract users who turned away from Ethereum due to high fees. They offer financial services like lending, borrowing, staking for interest and more. My Ether Wallet makes it easy to interact with DeFi platforms on Ethereum and now BSC too. You can purchase Ethereum and Binance Coin (BNB) right on the app via Simplex. Prior to this, Binance Coin was only accessible via Binance.US for U.S based investors.